The good news is that the Chinese government has reported figures that seem to reflect the situation on the ground, rather than fudging data – Beijing’s modus operandi is to gloss over bumps.

While the contraction could still be worse than admitted – some analysts polled by Reuters forecast the economy would plunge by a whopping 28.9pc – the world’s second-largest economy does appear to have avoided a worst-case scenario.

But the bad news – and there will be much of this in 2020 as the coronavirus continues to ravage the globe – is that a robust recovery remains a long way off as China battles against a second wave of the outbreak. Indeed, household consumption shrunk significantly – down 12.2pc after growing 5.3pc in the last quarter of 2019 – as did disposable income.

One of the biggest challenges is whether government policy is successful in supporting smaller, privately-owned companies, which drive growth, job creation, and ultimately, consumption – what China really needs to boost its economy.

Many of these companies – in tech, hospitality, tourism, education, food and beverage – are simply folding after being forced to shutter for months. Without any revenue, they are unable to pay basic overheads, such as salaries and rent. Even if they open now, few customers are flocking in, given lingering infection fears.

To stay afloat, a lot of those firms are choosing instead to reduce wages and to furlough or lay off staff, exacerbating unemployment. Millions are already out of work; experts estimate that more than 20 million could lose their jobs this year. The true scale of unemployment is likely much wider, as these figures do not capture China's many migrant labourers who work odd jobs.

Workers in Wuhan observe social distancing on their lunch breakCredit:
AFP/GETTY IMAGES

A struggle to put food on the table could increase the risk of social unrest – the ruling Communist Party’s worst nightmare. Labour strikes and protests have begun cropping up across the country – small business owners seeking lower rents; taxi drivers asking for cheaper insurance rates.

China’s traditional growth engine – manufacturing and exports – has also suffered from the coronavirus and will be doubly hit by waning global demand, just as factories begin churning again.

Authorities have announced a flurry of measures – tax breaks for areas hard-hit by the virus, cutting lending rates, encouraging landlords to lower rents by slashing property taxes, and lowering the amount of cash banks must keep on reserve.

Beijing seems to be first trying this modest, targeted approach, reserving its stimulus bazooka as a last resort – typically an unpopular option politically, because that would mean further economic strain down the line.

But that may be unavoidable for China to avoid negative growth for the year. Either way, Party leaders will have to accept a poor 2020 before a preferably better 2021.

The light at the end of the tunnel, though, is that the challenges at hand aren’t due to structural issues, but the fact the coronavirus ground the country of 1.4 billion to a halt.

And while things have yet to roar back to life, the pace is gradually picking up.